EBRD invests over EUR 1.1 bln in Poland's renewables

Darek Delmanowicz/PAP

The European Bank for Reconstruction and Development (EBRD) has invested, so far, more than EUR 1.1 billion in renewable energy generation in Poland, the majority of which is in windpower plants, EBRD has said.

The bank's total investment of EUR 1.6 billion in the country's energy sector also includes projects to strengthen the electricity transmission network, EBRD stated in a Tuesday press release.

In the last three years, the bank has signed and earmarked close to EUR 500 million to support e-vehicle manufacturing in Poland, the statement added.

This year, the EBRD is planning to invest EUR 800 million in Poland, EBRD Vice President for Policy and Partnerships Mark Bowman said as cited in the press release.

He added that three-quarters of the bank's work in Poland is the green economy, including renewable energy.

"Poland has strengthened its energy security and reduced dependence on Russian gas and coal, but a lot of work on green transition still lies ahead," Bowman said.

He also declared that the EBRD is ready to increase its financing of renewables, decarbonisation and energy-security projects in Poland.

According to the press release, Bowman will visit Poland from November 29 to December 1.

Since the start of its operations in Poland in 1991, the EBRD has invested EUR 12 billion in sustainable infrastructure, green energy, the financial sector, industry, agribusiness and other sectors of the real economy, the bank wrote in the statement.